Deposits fall in short-term money market

Press, 7 September 1976, Page 23

Deposits fall in short-term money market

Aggregate deposits of the: ; five approved dealers in the. [short-term money market! [fell $7.6M to $40.1M during! [July, the Reserve Bank an-1 nounced. ; Deposits by financial in- [ Istitutions fell $13.9M to; 1522.2. M. non-financial bust-} [ness fell $700,000 to ,S9.OM, } ■and business classified as; ■ “other” rose S7.OM to SB.9M. [ : New deposits accepted by [dealers during the month; ‘totalled 5118.7 M compared} ■with $105.8M during June,} [while repayments rose from: [5102.7M to 5126.3 M. ■i The weighted average ot I interest paid on total depos-} I its held at the end of the [month rose from 4.629 per ■ cent to 4.976 per cent. t.V.VM.tloun litp.c. Associated Pulp and Paper Mills, Ltd, barely covered the dividend for 1975-76, after a 48 per cent fall in group net profit from sAust4.BM to $2.5M. This is the company’s worst result : since 1972, when it had an operating profit of $2.2M ■ and is attributed largely to i industrial trouble. i Market conditions for j paper remain poor, and the I company has applied to the I temporary assistance author- , ity for a restriction on the! . excessive volume of fine! . paper imports. The directors expect to see improvement in the 1976-77 financial year. .1 Bii.-iiios personal Sir Arnold Nordmeyer has been appointed the new chairman of Maui Development, Ltd, for the ■ next twelve months. Sir [ Arnold, who is chairman, of Offshore Mining, Ltd, the I Government company in the I joint Maui venture, succeeds Mr D. H. Tudhope, managing director of Shell B.P. and Todd, Ltd.